Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

DPRK Hackers Use Russian Exchanges to Launder  $21M from Harmony: Data

Published 15/09/2023, 19:44
Updated 15/09/2023, 19:45
DPRK Hackers Use Russian Exchanges to Launder  $21M from Harmony: Data

  • North Korean hackers intensified using Russian exchanges to launder stolen funds.
  • The value of stolen crypto linked to DPRK groups has exceeded $340 million this year.
  • Russia’s help for North Korean hackers poses a challenge for global authorities.

According to blockchain security research firm Chainalysis, Democratic People’s Republic of Korea (DPRK)-linked hacking groups are intensifying their utilization of Russia-based crypto exchanges known for laundering illicit digital assets.

Chainalysis noted that the trend coincides with growing concerns from independent sanctions monitors regarding North Korea’s evolving tactics in cyber warfare. It cited that an upcoming United Nations report is set to caution that DPRK is employing increasingly sophisticated cyberattacks to finance its nuclear missile programs.

Additionally, the research firm argued that the “state-sponsored” hacking groups have been targeting crypto and financial exchanges on a global scale.

Furthermore, Chainalysis uncovered that $21.9 million in crypto, stolen from Harmony Protocol, has recently been funneled into a Russian exchange notorious for handling illicit transactions. Moreover, it noted that DPRK entities have been using Russian services, including the cited exchange, for money laundering purposes since 2021.

Chainalysis argued the latest development signifies a significant escalation in the collaboration between the cyber underworlds of North Korea and Russia. The research firm stated that while the revelation underscores a potent alliance between these two nations’ cybercriminal actors, it poses formidable challenges for international authorities.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Also, it highlighted that Russia’s historical reluctance to cooperate with international law enforcement diminishes the prospects of recovering stolen funds sent to Russian exchanges. Moreover, Chainalysis mentioned that mainstream centralized exchanges typically relied upon by North Korean hackers, tend to cooperate. On the other hand, the Russian counterpart exchanges and law agencies have a track record of non-compliance, substantially reducing the likelihood of asset recovery.

According to data backed by research, the value of stolen crypto linked to DPRK groups has exceeded $340.4 million this year, a decrease from the staggering $1.65 billion reported stolen in 2022.

The post DPRK Hackers Use Russian Exchanges to Launder $21M from Harmony: Data appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.